FAQ on Retirement Planning
At Johnson Brunetti, we are committed to helping you navigate your financial concerns as you approach one of the most complex yet rewarding phases of your life. This week, Joel Johnson, CFP®, joins Retire Wiser with NBC Connecticut to address some pressing retirement planning questions sent in by our valued listeners and viewers.
What Should I Do If I’m Forced to Retire?
Our first retirement planning question is from Tom, who asks, what should I do if I was forced into retirement before I was retirement-ready? Whether you recently lost your job or were forced to retire, you must first determine whether you need to go back to work or are in sufficient financial standing to retire.
To help make this critical decision, it’s important to assess the financial impact of each option. By sitting down with a financial advisor, you can create a personalized financial plan that takes into consideration all the factors involved in your unique situation. If you are ready to retire, now the question is, do you want to continue working? That choice can depend on what you envision for your lifestyle going forward.
How Much is Enough to Retire?
Just like most pre-retirees who are in search of a magic retirement number, Sheila poses a vital question, how will I know when I have enough money to retire? The first step to answering this is to consult with a financial advisor. A solid financial plan can provide a detailed projection of cash flow throughout the rest of your life, outlining how much money you need, whether you are on target, and if not, how to make the proper adjustments to get you back on track. Retirement can be an exciting new chapter in your life, make sure you are equipped with the right tools and guidance to meet your goals and fully enjoy the years ahead.
Should I Roll My 401(k) Into an IRA?
Linda wonders if she should move her old 401(k) from a previous employer into an IRA. The short answer is that it depends. You want to make sure you’re maximizing the funds in your 401(k) or a similar employer-sponsored qualified plan. That could mean moving it into an existing 401(k) or an IRA. Many people who choose an IRA rollover find it offers more investment flexibility and control. With the professional guidance of your financial advisor, you can evaluate the pros and cons of an IRA rollover in relationship to your overall retirement savings goals.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
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